NMG Reports on Quarter Progress on the Heels of Commercial Partnership with Panasonic Energy and Commencement of Expansion Planning, and Appoints Stephanie Anderson to its Board of Directors

HIGHLIGHTS

• MoU with Panasonic Energy to confirm intentions for a multi-year offtake agreement for a significant portion of NMG’s active anode material from the Company’s “ore-to-anode-material” Phase-2 production facilities.
• US$50 million private placement from Mitsui & Co., Investissement Québec and The Pallinghurst Group to support the next milestones for the project financing activities on both the Matawinie Mine Project and the Bécancour Battery Material Plant Project.
• Preliminary economic assessment on the Lac Guéret Mine project initiated for a minimum production of 250,000 tpa of graphite concentrate; the study should be completed in Q1-2023.
• Stephanie Anderson, an international finance executive from the mining sector, appointed to NMG’s Board of Directors.
• Production at Phase-1 coating line and new shaping module expected to start in Q4-2022 as commissioning activities come to a close.
• Advancement of Phase-2 project financing with engineering, environmental and social due diligence exercises conducted at NMG’s sites. 
• Continued advancement of the Matawinie Mine through preliminary construction work at the site, engineering progress (estimated at 68%), advancement of electrification plans and environmental management.
• Continued focus on the safe conduct of operational and construction activities with a year-to-date OSHA rate of 1.53 at the Company’s facilities and 0 for contractors’ work, with no major environmental incident.
• Market conditions remain extremely attractive as battery and EV manufacturers look to secure graphite supplies that comply with the U.S.’ new Inflation Reduction Act requirements.
• Period-end cash position of CA $14M and CA $81.5 million on a pro-forma basis.